Sneaky Chinese Company Gets Caught Out And Has Their Proposed Take Over Vetoed By The Italian Prime Minister

Nov. 25th, 2021

FILE PHOTO: Italy’s Prime Minister Mario Draghi reacts after speaking during a news conference at the end of the G20 summit in Rome, Italy, October 31, 2021. REUTERS/Yara NardiREUTERS

According to a story in US News on November 23rd, 2021, it tells the tale of Italy’s Prime Minister Mario Draghi having vetoed the third Chinese takeover in the country since his government took office in February, Zhejiang Jingsheng Mechanical said Rome had blocked its attempt to set up a joint venture with the Hong Kong arm of Applied Materials to buy the U.S.-based group’s screen printing equipment business in Italy. The decision to veto the takeover was taken as the takeover could have had consequences in the strategic semiconductor sector, as Applied Materials are manufacturers of semiconductors and other high-tech components. The decision was made after finding out that the joint venture was also intended to take on Applied Materials’ wafer equipment business in Singapore and its assets in China.

This is yet another example of how some Chinese companies try to sneak in the back door with mergers and takeovers that are more than they initially seem to be, Italy has also formally complained to Chinese investors over their undisclosed 2018 purchase of an Italian company making high-tech drones for the armed forces.

To learn more about this story please click the link:  Italy’s Draghi Vetoes Third Chinese Takeover This Year

Editor: Mr Cow / PR: Mini Cow

Edited by:【Himalaya London Club UK】


Disclaimer: This article only represents the author’s view. Gnews is not responsible for any legal risks.

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